Wednesday, March 19, 2008

The owner of the IBM Building at 330 North Wabash has sold the 2nd through 14th stories of the building to a hotel developer who plans to convert the office space into luxury hotel rooms. The sale price is reported to be $46-million, but renovation costing over $100-million more. The hotel is expected to offer 335 rooms, with the standard guest room offering 525 square feet, large by Chicago standards. The hotel also will offer suites, some as large as 2,350 square feet.

The historic building was designed by Mies van der Rohe in 1972. The building has floor-to-ceiling windows, in the classic manner of a Mies van der Rohe design, and no interior columns, which simplifies modification of the space. Just steps from Michigan Avenue the new hotel faces stiff competition from the new Trump Tower Hotel located just across the street. Look for room rates in excess of $500 a night and up.

Work should begin on the space immediately and the hotel could be open in 2010. Located along the Chicago River, it might be possible to check into the hotel by boat. The hotel will offer 17,000 square feet of meeting space, a restaurant, lobby bar, fitness center and indoor pool.